Product Description

Early in the new millennium the investment banks were on their knees. Beaten by the boom and bust of the dot.com bubble, mixed up in corporate scandals and accused of uncontrolled and rampant conflict of interest, the game seemed over for the masters of the universe. Then the bounce back came. New rules, promises to be more vigilant and rising markets took the heat off. Having learned their lesson and paid their dues, the investment banks could be relied upon to oil the wheels of capitalism in this best of all possible worlds. Philip Augar’s cutting critique challenges this consensus. By being able to act simultaneously for buyers, sellers and themselves, they can generate huge returns at their customers’ expense. This book explains how this systematic and legal transfer of wealth occurs and answers some important questions. Do the investment banks add value through their advice? Is there a cartel? Are there any alternatives? What will happen next?

Product Details

• Amazon Sales Rank: #261192 in Books
• Published on: 2006-05-25
• Original language: English
• Binding: Paperback
• 256 pages

About the Author
Philip Augar worked in investment banking for over twenty years and he now writes, broadcasts and lectures on financial services and related issues. He is the author of two books, The Death of Gentlemanly Capitalism and (with Joy Palmer) The Rise of the Player Manager, both of which are available in Penguin. He has a doctorate in History and is a Visiting Fellow of Cranfield School of Management.

Customer Reviews

A Fresh Insider's View of Investment Banking
This is a thoughtful analysis of the new integrated model investment bank that seems to have taken over the world financial system. Whether you want to work for one of them or tear them down, this is an essential read.

Sadly not 'out of touch'
Sadly, the 3 star reviewer here got it wrong. What does this tell us about the smug insight of the 'insider'?
The greed of bankers has landed us in it again.
Unfortunately, I didn't read this book 2 years ago or I might have saved myself a lot of money.
The underlying patterns have been repeated relentlessly over 100 yrs or more and there is no reason to believe that the future will be any different.
'Don't trust a banker' should be added to ' don't take sweets from strangers'.

Unexciting for those in the industry
For those in the industry: Maybe he's a little out of touch now. Gentlemanly Capitalism was right on the pulse and added value, this seems not quite so.
However for those outside the industry, may still add plenty of colour.